Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky decreased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 2.8% in the 3rd quarter, Holdings Channel reports. The firm owned 29,483 shares of the bank’s stock after selling 840 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Prosperity Bancshares were worth $2,125,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Victory Capital Management Inc. grew its position in shares of Prosperity Bancshares by 3.0% during the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after buying an additional 184,453 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Prosperity Bancshares by 14.2% during the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after purchasing an additional 532,241 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Prosperity Bancshares by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock worth $123,162,000 after purchasing an additional 15,309 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Prosperity Bancshares by 0.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock worth $85,280,000 after purchasing an additional 6,518 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Prosperity Bancshares by 2.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after purchasing an additional 19,224 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total value of $41,980.00. Following the completion of the transaction, the director now directly owns 114,315 shares in the company, valued at $9,597,887.40. This trade represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Harrison Stafford II sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $80.07, for a total transaction of $320,280.00. Following the sale, the director now owns 107,137 shares in the company, valued at $8,578,459.59. This represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,600 shares of company stock worth $965,479. 4.28% of the stock is owned by insiders.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $80.01 on Tuesday. The stock has a market cap of $7.62 billion, a PE ratio of 16.99, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. The business’s fifty day moving average is $78.33 and its 200-day moving average is $71.29. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.75.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The firm had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. During the same period in the previous year, the business earned $1.20 earnings per share. Equities research analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 2.90%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 47.56%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PB shares. Hovde Group increased their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research report on Monday, August 26th. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, November 29th. Barclays boosted their target price on shares of Prosperity Bancshares from $76.00 to $84.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $81.65.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.